Yes, you read that right!
Announced through counter-strike.net, the mode is called Danger Zone, and is played by 16 players at a time (this can go up to 18 if players queue as a squad of two or three).
In addition to the announcement of Danger Zone, it was also announced that the game has gone free-to-play, with anyone being able to pick up the game with all game modes immediately. There is an additional paid CS:GO Prime Status subscription that comes with special access to exclusive souvenir items, item drops, and weapons cases.
Players who already own the game automatically will be given prime status.
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Following in the footsteps of its other multiplayer shooter megahit Team Fortress 2, Valve is now offering Counter-Strike: Global Offensive as a Free-to-Play game on Steam. If I remember correctly, this was also a feature of slightly less-popular battle royale game The Darwin Project.
As if that wasn't different enough from the formula established by PlayerUnknown's Battlegrounds and Fortnite, Valve also included an in-game tablet that allows players to "track opponents' positions, track your deliveries, and chart a path to avoid the Danger Zone". The Prime status upgrade - matching you with other Prime players and providing extra cosmetic rewards - costs £11.99/€13.25/$14.99. CS:GO does have its exclusively first-person perspective going for it, at least.
Find out more on the official Danger Zone site. However, since Danger Zone players can have up to 120HP, they may survive encounters that would otherwise be deadly. Valve says a typical round of Danger Zone will only last "about 10 minutes".
As for CS:GO's newfound free-to-play status, all game modes are available to new folks and existing players have been upgraded to Prime Status.